A US employee used to receive $45,000 yearly income in 1990. For this employee to maintain his same standard of living, his salary was increased to $180,000 in 2016 with the current price level of 102.5. What was the price level in 1990? Select one: a. 34.525 b. 23.235 С. 31.425 d. None of the answers are correct e. 25.625

A US employee used to receive $45,000 yearly income in 1990. For this employee to maintain his same standard of living, his salary was increased to $180,000 in 2016 with the current price level of 102.5. What was the price level in 1990? Select one: a. 34.525 b. 23.235 С. 31.425 d. None of the answers are correct e. 25.625

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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